Jammu & Kashmir Bank offers fixed deposit schemes with attractive interest rates with quarterly interest payouts. With minimal opening amounts and a flexible range of tenures, the J&K Bank fixed deposits are a safe and attractive form of investment and savings. Senior citizens are given an additional rate of interest of 0.50% across all the maturity periods.
Types of Jammu & Kashmir Bank Fixed Deposits
The various types of Jammu & Kashmir Bank fixed deposits are as given below:
- Resident Term Deposit
- Tax Saver Deposit Scheme
- Mehandi Deposit Scheme
- Monthly Yield Deposit Scheme
- Smart Saver Term Deposit Scheme
- Super Earner Deposit Scheme
- Super Reinvestment Deposit Scheme
- NRE Fixed Deposits
- NRO Fixed Deposits
Features of Jammu & Kashmir Bank Resident Term Deposit Scheme
These are the salient features of the J&K Bank resident term deposit scheme:
- Quarterly payout of interest.
- Short and long-term tenures ranging from 7 days to 10 years.
- Minimal amount starting from Rs.100 making FDs more accessible to all.
- Loan facility available.
- Premature withdrawal with penalty is allowed.
Features of Jammu & Kashmir Bank Tax Saver Deposit Scheme
The key features of the Jammu & Kashmir Bank Tax Saver Deposit scheme are given below:
- Nominal minimum amount of Rs.1000 making it possible for all to start saving.
- Tax benefits under Section 80C of the Income Tax Act.
- Interest payout can be monthly, quarterly, or on maturity of the deposit.
- Maximum Rs.1.5 lakh can be invested in a single financial year.
- Lock-in period of 5 years with no premature withdrawal.
Features of Jammu & Kashmir Bank Mehandi Deposit Scheme
The major features of the Jammu & Kashmir Bank Mehandi Deposit scheme are given below:
- Joint FD for minor children under the guardianship of parent or guardian.
- Tenure ranges from 5 to 15 years.
- Maturity amount ranges from Rs.25,000 and Rs.50,000 to Rs.1 lakh.
- Accident insurance cover linked to the maturity amount for the minor's parent or guardian.
- Premature withdrawal allowed with penalty is allowed.
- Loan facility available of up to 90% of deposit amount and interest accumulated till then.
Features of Jammu & Kashmir Bank Monthly Yield Deposit Scheme
The salient features of the Jammu & Kashmir Bank Monthly Yield Deposit scheme are given below:
- Minimum amount starting from Rs.1000 for opening the deposit.
- Tenures ranging from 1 year to 10 years.
- Premature withdrawal allowed with payment of penalty.
- Can be held jointly and by minors with their parents or guardians as well.
Features of Jammu & Kashmir Bank Smart Saver Term Deposit Scheme
The salient features of the Jammu & Kashmir Bank Smart Saver Term Deposit scheme are given below:
- Deposit amount in multiples of Rs.25,000.
- Tenure between 1 year to 10 years.
- Linked deposit facility of 180 days available.
- Sweep facility available for auto-sweeping and conversion into short-term linked deposits.
- Reverse sweep facility available for clearing of debit instruments.
Features of Jammu & Kashmir Bank Super Earner Deposit Scheme
The important features of the Jammu & Kashmir Bank Super Earner Deposit scheme are given below:
- Minimum deposit of Rs.1000 and above.
- Tenure ranging from 1 year to 10 years.
- Floating interest rate.
- Loan facility available.
- Premature withdrawal available with payment of penalty.
- Interest payout on quarterly basis or on maturity.
Features of Jammu & Kashmir Bank Super Reinvestment Deposit Scheme
The important features of the Jammu & Kashmir Bank Super Reinvestment Deposit scheme are given below:
- Minimum deposit amount of Rs.1000.
- Tenure ranges from 1 year to 10 years.
- Floating interest rate.
- Interest payout on maturity.
- Premature withdrawal allowed with penalty.
Features of Jammu & Kashmir Bank NRE Fixed Deposit Scheme
The main features of the Jammu & Kashmir Bank NRE Fixed Deposit scheme are as follows:
- Quarterly payment of interest with reinvestment option.
- Repatriation of deposits and interest into currency of choice.
- Tenure ranging from 1 year to 3 years.
- Interest and balance are tax-exempt.
- Premature withdrawal allowed under certain conditions.
- Loan facility against deposits available.
- Auto-renewal on request available.
- Nomination facility available.
- Safe deposit locker facility available.
Features of Jammu & Kashmir Bank NRO Fixed Deposit Scheme
The following are the attractive features of the Jammu & Kashmir Bank NRO Fixed Deposit scheme:
- Accounts can be opened from abroad by remittance.
- Deposit tenures ranging from 7 days to 10 years.
- Can be held as joint account with other NRIs or with Indian residents.
- Interest amount is repatriable after TDS.
- Reinvestment option available.
- Quarterly payment of interest.
- Premature withdrawal allowed under certain conditions.
- Auto-renewal available on request.
- Loan facility available.
- Safe deposit locker available.
- Nomination facility available.
Jammu & Kashmir Bank Term Deposit Interest Rates
Jammu & Kashmir Bank offers attractive interest rates on tenures ranging from 7 days to 10 years. Senior citizens are offered 0.50% additional rate of interest. Effective from 11 October 2020, the Jammu & Kashmir bank fd interest rates for deposits below Rs.2 crore range from 3.00% p.a. to 5.30% p.a.
Eligibility Criteria for Opening J&K Bank Fixed Deposit
The following entities are eligible to open a fixed deposit account with Jammu & Kashmir Bank:
- Resident individuals (sole or joint)
- Guardians on behalf of minor individuals.
- Hindu Undivided Families (HUF)
- Sole proprietors
- Partnership firms
- Public and private limited companies
- Clubs
- Societies
- Associations
- Trusts
Documentation Required to Open Jammu and Kashmir Bank Fixed Deposit Scheme
The following are the documents required to open a fixed deposit with J&K Bank:
- Application form correctly filled in
- KYC documents
- PAN card or Form 60 or 61
- Photographs of depositor/s (2 copies)
- Related documents which are applicable for minors and other entities
FAQs on Jammu and Kashmir Bank Fixed Deposit
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What kind of interest does Jammu & Kashmir Bank offer for fixed deposits?
Jammu & Kashmir Bank offers simple interest on the fixed deposit schemes.
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Is TDS applicable on Jammu & Kashmir Bank fixed deposits?
Yes, TDS is applicable on the interest of Jammu & Kashmir Bank fixed deposit accounts as per the income tax bracket if Form 15G or Form 15H (as the case may be) has not been submitted to the bank.
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Can I get a monthly interest payout with fixed deposit of Jammu & Kashmir Bank?
You can open a fixed deposit account with Jammu & Kashmir Bank either by using the internet banking facility or by visiting your nearest branch.
